SAINT-GEORGES, QC – Plans to take the Canadian trailer manufacturer Manac Inc. private took a big step forward on Wednesday with shareholders voting their approval.
The deal, announced in August, calls for the original founding Dutil family to be among a consortium of new owners paying $10.20 per share. This is a premium of approximately 12.4% above the average closing price of stock’s closing price on the Toronto Stock Exchange for the 20-day period prior to Aug. 13 when the transaction was announced.
The agreement faces approval by a Quebec court on Oct. 5 with the deal expected to close later in the month.
Charles Dutil, Manac president and CEO, will remain in his current position.
“Reaching this conclusion is a great step for Manac, our employees and all of our business partners. We look forward to a long collaboration with this group of investors, most of which we have collaborated with in the past,” said Dutil in August with the deal was announced.
The company will maintain its head office and main production plant in Quebec.
During the second quarter of the year Manac report net income of $2.5 million, an increase from $1.9 million a year earlier. Revenues totaled $103.6 million, compared with $72.1 million a year earlier, an increase of 43.7 percent
For the first six months of 2015, net income was $6.8 million compared to $3.5 million a year earlier, while revenue totaled $199.5 million versus $138.3 for the 2014 second quarter, an increase of 44.3 percent.
Manac was spun off from the Canam Manac Group in 2004 and taken public in 2013.
Manac builds vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chassis, chip and logging trailers under the recognized brands Manac, CPS, Peerless, Darkwin, UltraPlate, Ultravan, Sconaand Liddell Canada.